Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,634/mo
Lowest payment- Down payment
- $76,853
- Funds due
- $87,268
- Interest + MI left
- $99,444
- First ends
- Mar 2050
Assumption
Assumption + second
$2,020/mo
+$386/mo- Down payment
- $28,853
- Funds due
- $40,624
- Interest + MI left
- $190,482
- First ends
- Mar 2050
New loan
New conventional
$2,301/mo
+$667/mo- Down payment
- $28,853
- Funds due
- $37,431
- Interest + MI left
- $367,168
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $203,147 | $203,147 | $251,147 |
| Second mortgage | — | $48,000 | — |
| First P&I | $1,084.55 | $1,084.55 | $1,701.36 |
| Second P&I | — | $386.22 | — |
| Mortgage insurance | — | — | $50.23 |
| Taxes, insurance & HOA | $549.00 | $549.00 | $549.00 |
| Total housing payment | $1,633.55 | $2,019.77 | $2,300.59 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$28,853
Closing costs & prepaids$11,772
Usable credit−$0
Total buyer cash needed$40,624
Earnest money paid−$0
Remaining funds due$40,624
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$2,800.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,015.74
Second-loan charges$1,250.00
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$336.00
Initial HOA (3 months)$861.00
Prepaid interest, first (9 days)$184.34
Prepaid interest, second (9 days)$106.52
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 9 days of interest to the end of the closing month.
What is left to pay
The seller already paid down the early, interest-heavy years.
Remaining first mortgage at closing23 yr 3 moOf the original 30-year loan at 3.68%
Interest already paid$54,788Through Dec 2026
Assumption only · ends Mar 2050$99,444
Assumption + second · ends Mar 2050, second Jan 2057$190,482
New conventional · ends Jan 2057$367,168